The Korean legal market has always been closed to foreign law firms. In recent years, however, there has been increased pressure on the Korean Government to open it up to foreign rivals. In response to such pressure, the Government submitted a proposal for market liberalisation to the World Trade Organisation (WTO) in March 2003.
The major points of the Korean Government’s proposal were simple. Foreign law firms could open offices in Korea, but individual foreign attorneys could not establish new law firms and open offices there. Foreign firms would be prohibited from entering into joint ventures or partnerships with Korean firms. Having opened an office in Korea, they would be prohibited from hiring Korean-licensed attorneys and would only be allowed to advise on international law. Practising or advising on Korean law matters would be prohibited.
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